Essent Group Ltd. (NYSE:ESNT) Q3 2022 Earnings Conference Call November 4, 2022 10:00 AM ET

Company Participants

Phil Stefano – Vice President-Investor Relations

Mark Casale – Chairman and Chief Executive Officer

David Weinstock – Interim Chief Financial Officer

Chris Curran – President-Essent Guaranty

Conference Call Participants

Mark DeVries – Barclays

Rick Shane – JPMorgan

John Kilichowski – Credit Suisse

Alex Bond – KBW

Mihir Bhatia – Bank of America

Rowland Mayor – RBC Capital Markets

Operator

Good morning, ladies and gentlemen, and welcome to the Essent Group Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. And please be advised that this call is being recorded. After the speakers’ prepared remarks, there will be a question-and-answer session. [Operator Instructions]

I'd now like to turn the call over to Phil Stefano, Vice President, Investor Relations. Please go ahead.

Phil Stefano

Thank you, Bill. Good morning, everyone, and welcome to our call. Joining me today are Mark Casale, Chairman and CEO; and David Weinstock, Interim Chief Financial Officer. Also on hand for the Q&A portion of the call is Chris Curran, President of Essent Guaranty.

Our press release, which contains Essent's financial results for the third quarter of 2022, was issued earlier today and is available on our website at essentgroup.com. Prior to getting started, I would like to remind participants that today's discussions are being recorded and will include the use of forward-looking statements. These statements are based on current expectations, estimates, projections and assumptions that are subject to the risks and uncertainties, which may cause actual results to differ materially.

For a discussion of these risks and uncertainties, please review the cautionary language regarding forward-looking statements in today's press release, the risk factors included in our Form 10-K filed with the SEC on February 16, 2022, and any other reports and registration statements filed with the SEC, which are also available on our website.

Now let me turn the call over to Mark.

Mark Casale

Thanks, Phil, and good morning, everyone. Today, we released our quarterly financial results, which continue to reflect the strong operating performance of our business. For the third quarter of 2022, we reported net income of $178 million as compared to $205 million a year ago. On a diluted per share basis, we earned $1.66 for the third quarter, compared to $1.84 a year ago and our annualized return on average equity was 17%.